Albany Road Buys 95% Leased N. Phoenix Business Park

Albany Road Real Estate Partners has picked up its second Phoenix property, acquiring a property in the Deer Valley submarket for $22.4 million. It’s a four-building, multi-tenant light industrial complex totaling 110,000 square feet ($202/sf). The property is 95% leased to 34 tenants, collectively representing a diverse range of industries, including several directly related to the semiconductor industry. It’s not far from the proposed $40B Taiwan Semiconductor Manufacturing Plant.

Situated on 5.7 acres, the four buildings are on North 15th Avenue. The complex is strategically positioned close to I-17 and Loop 101, both connecting to I-10.

A Cushman & Wakefield team led by Will Strong represented the seller, Baron Properties.

According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 million square feet of occupancy growth through the first half of 2023. Vacancy in the Northeast Valley industrial market, where the asset is located, was just 1.9% at midyear 2023.